Neobrokerage firm Public.com launches cryptocurrency trading services

An increasing number of fintech platforms are entering the crypto space and allowing their clients to access cryptocurrencies.

Public.com adds cryptocurrencies to its platform

New York-based neobroker Public.com is set to enter the cryptocurrency market. The company is launching cryptocurrency trading tools as more fintech firms enter the crypto space and allow their customers to gain access to BTC and others.

The Wall Street Journal reported earlier today that Public.com will now support trading in bitcoin, bitcoin cash, ether, ethereum classic, dogecoin, litecoin, stellar, Zcash, Cardano and dash. The report said,

The move marks an expansion for Public.com, which launched in 2019. Previously, individual investors who used the platform could trade only U.S.-listed stocks and exchange-traded funds. Unlike competitors including Robinhood, the company doesn’t allow options or margin trading, two strategies considered riskier for investors.

The company’s entry into the cryptocurrency was due to its recent poll that showed that more than three-quarters of investors who entered financial markets via meme stocks, such as GameStop, went on to diversify their portfolios.

Public.com added that Apex Crypto, an affiliate of Apex Clearing, will be handling execution and custody services for the new crypto trading tool.

Numerous fintech firms are now offering cryptocurrency services

The past year has seen numerous fintech platforms enter the cryptocurrency space. PayPal launched its cryptocurrency trading services last year and was joined by its other platform Venmo a few months later.

Robinhood is also one of the leading brokers in the cryptocurrency space. eToro has been granting users access to cryptocurrencies for a while now. More fintech companies could enter the market in the coming months and years.